House sales plummet 40% since 2007

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by Gill Montia

House sales across the UK are almost 40% lower than at the peak of the boom five years ago, according to the Royal Institution of Chartered Surveyors (RICS).

Last month, the average number of completed sales per surveyor stood at 15.6, compared with a May 2007 total of 25.4.

In addition, prices continued to nudge downwards in most parts of the country, with respondents’ expectations on price having now been in negative territory since June 2010.

London was the only area where more surveyors reported increasing rather than decreasing prices.

Looking ahead, RICS members expect transaction levels to see a slight upturn over the next three months, although the supply of homes coming onto the market and the level of new buyer interest will most likely remain flat.

RICS housing spokesperson, Peter Bolton King, comments: “A gradual stability is returning to the market and surveyors expect transaction levels to increase over the coming months, even if prices continue to dip across most parts of the country.”